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Sep 22, 2009 11:44 pm |
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re: re: re: re: re: re: re: Reforming the banking system? |
Thomas Holford
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Thorbjoern sayeth:
"When the Democrats (Clinton) 'finally' took over they built up a surplus . . ."
A cherished myth among the Clintonian populii.
"The announced figures of the annual deficits of the last two administrations are grim enough. But now a true audit of the government's books concludes that, as we suspected, the figures have been doctored all along. Things are acutally considerably worse than Washington has been admitting. Day-to-day government accounting, it has been revealed, is a highly "creative" operation, using the negative definition of the word."
. . .
"What does this audit show?"
"That the annual deficits are much larger than Washington has been admitting, losses that are bring us closer to the tipping point of total fiscal irresponsibility and eventual mayhem."
"Take the year 2005, for example. Instead of the announced deficit for the Bush administration, for instance, which was ostensibly $318 billion, the Audited Federal Budget shows a deficit of $729 billion. The disparity between the announced and audited budgets of the final four years of the Clinton administration is even greater. Instead of his supposed much heralded "surplus" of $559 billion, the true figure was actually a deficit of $484 billion, a truth spread of more than $1 trillion. The reality is that there never was a surplus. It was, instead, a well-publicized manipulation of accounting procedures."
Martin Gross, "National Suicide", pp 4-5.Private Reply to Thomas Holford (new win) |
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